As part of its commitment to the wellbeing of both its members and the environment, Clean Energy Credit Union today announced that it will reduce or eliminate several member fees. These policy changes, which went into effect Feb 1, 2022, notably include the removal of overdraft / non-sufficient funds (NSF) fees.
NSF fees are known to disproportionally harm low-income individuals who frequently do not have reserve funds upon which to draw. Compounding, punitive fees like these can be devastating over time. As a low income designated credit union, Clean Energy Credit Union has chosen to eliminate overdraft and NSF fees in order to support rather than burden its members. In fact, since opening its virtual doors in 2018, Clean Energy Credit Union has collected less than $400 in NSF fees, favoring alternative reconciliation approaches instead.
Since launching its checking account services in 2020, Clean Energy Credit Union has worked to help members avoid overdrawing their accounts. Smart money management tools such as overdraft lines of credit and card control services (featuring automated spending limits and alerts) are made available to all Credit Union members.
In addition to removing overdraft and NSF fees, Clean Energy Credit Union has committed to:
- Removing ATM withdrawal fees within the MoneyPass Network
- Removing fees for use of shared banking services
- Reducing fees for returned deposits
“Our members bank with us to support the clean energy movement and this is one of the ways in which we can show our gratitude for that support. It’s our hope that elimination of these fees will help our members better access our array of services,” said Clean Energy Credit Union CEO, Terri Mickelsen.